CC RESOLUTION 4562RESOLUTION NO. 4562
A RESOLUTION AUTHORIZING THE ESTABLISHMENTOF
A PUBLIC AGENCY RETIREMENT SYSTEM (PARS)
SUPPLEMENTAL RETIREMENT PLAN FOR ELIGIBLE
MEMBERS OF THE EL SEGUNDO SUPERVISORY AND
PROFESSIONAL EMPLOYEES BARGAINING UNIT,
TO BE ADMINISTERED BY PHASE II SYSTEMS, PARS
TRUST ADMINISTRATOR.
BE IT RESOLVED by the Council of the City of El Segundo as follows:
Section I: The City Council finds and declares as follows:
A. It is determined to be in the best interest of the City and its
employees to provide a Retirement Enhancement Program to
eligible employees;
B. The City is eligible to be a member of the Public Agency Retirement
System (PARS) Trust, which has made available a Retirement
Enhancement Plan supplementing CalPERS and qualifying under
the relevant sections of the Internal Revenue Code and the
California Government Code.
Section 2: The City Council hereby adopts the PARS Trust, including the
PARS Retirement Enhancement Plan, as part of the City Retirement Program,
effective October 1, 2008; and
Section 3: The City Council hereby appoints the Director of Finance , or his /her
successor or his /her designee as the City's Plan Administrator for the Public
Agency Retirement System; and
Section 4: The City PARS Plan Administrator is hereby authorized to execute
the PARS legal and administrative service documents on behalf of the City to
implement a PARS supplemental plan to CaIPERS. In addition, if the City's
PARS Plan Administrator finds that the PARS supplemental plan benefit must be
limited under Section 415 of Internal Revenue Code, then the Plan Administrator
will implement replacement benefit programs at no additional cost to the City.
PASSED AND ADOPTED this 5' day of August, 2008.
G
Kelly MgboWell, lto
1
ATT ST:
Cindy MortLdsen, City Clerl
APPROVED AS TO
Mark D. Hensl
m
I H.- Berger,
istant City �